Amazon founder Jeff Bezos lost his top spot as the richest man in the world to French fashion mogul Bernard Arnault. 

On Monday, Arnault’s net worth reached $195.8 billion. The founder, chair, and chief executive of Moet Hennessy-Louis Vuitton, a company that includes luxury brands Louis Vuitton, Christian Dior, Bulgari, Tag Heuer, Sephora, Hennessy, and Tiffany, surpassed Bezos, who is listed at $192.6 billion, according to Forbes.

Arnault’s new financial ranking is due to shares of Amazon plummeting 7.6% Thursday after reporting earnings. This meant Bezos’ fortune fell by $13.9 billion in one day.

Meanwhile, Moet Hennessy-Louis Vuitton saw its price of shares climb 35% in 2021, and shares of surged 140% since its March 2020 low.

The company had taken a hit during the pandemic but quickly rebounded amid China’s economic recovery. On renewed consumer confidence in high luxury goods, Moet Hennessy-Louis Vuitton reported a record first half in 2021, with revenue of about $34 billion.

According to Barrons, a resurgence in luxury spending has come as the world’s richest people have become even richer through the pandemic, with total wealth rising to $431 trillion in 2020 that was driven by savings, stocks, and real estate.

The world’s top billionaires also include Tesla’s Elon Musk, Microsoft’s Bill Gates and Facebook’s Mark Zuckerberg.